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Award Winning Property Management in Manchester

Award Winning Property Management in Manchester

Property managing agents in Manchester are reporting a rise in the number of enquiries from new property investors looking to enter the buy-to-let market and a high volume of existing landlords requiring better management of their current rental property portfolios.

According to Mike Clarke, Director of Castledene Property Management (Manchester) Ltd, Manchester city centre is a great place to purchase rental properties, as the current rental market is performing well. With a large number of students studying at different universities* in and around the Manchester area, the demand for rental property, in particular, shared and student accommodation (HMO – House of Multiple Occupation) getting stronger.

With the UK property sales market at rock bottom and asking prices for residential property still falling, there really is no better time to invest in property. With PRS rental returns increasing, and a wealth of products and services being made available, it is a really good time to be a landlord.

September is typically one of the busiest times of the year, with students returning to universities and private tenants moving into properties that have been available for rent and on the market since June/July.

Operations Manager at Castledene Property Management (Manchester) Ltd Mike Clarke stated that Manchester and the surrounding areas have become increasingly popular in the last 12 -18 months, with a number of proposals being put forward to improve the infrastructure of the area, including Port Salford, set to create thousands of new jobs, and new developments continuing to spring up around the city, landlords are looking for suitable properties to purchase for rental purposes in prime locations around the city centre and Salford Quays.

Castledene Property Management - Manchester

Castledene Property Management – Manchester

 

If landlords need award winning quality property management anywhere in Manchester or the North of England 

call 0161 777 8844 or 0191 527 4000 .

 

Award Winning Property Management Services

Award Winning Property Management Services

  

 

   

 

 *Manchester University, Manchester Metropolitan University, Salford University, and The Manchester College

 

The much debated north-south divide could hardly be more apparent than when it comes to housing. It’s widely accepted that England has an almost two-speed housing market: in the south east, real estate is as much an investment as a home, creating a frenzy of competition between investors, foreign buyers, locals and commuters that keep house prices high. Houses further north can be a fraction of the cost, with prices dropping, more homes standing empty and high levels of housing debt.

The natural conclusion might be that the lower prices mean that housing in the north is more affordable. In reality, affordability is about the money you take home each month versus the cost of your home. The money in your pocket is most often determined by the local jobs market and average wages, which can be totally out of step with the cost of housing in a particular region. On a more local scale again, the picture can become even more complicated – a recent IPPR report into housing in Bradford, for example, found that those in the poorest and cheapest areas of the city spent proportionately more of their income on rent.

Shelter has just released new research showing where the nation’s repossession ‘hotspots’ are – those areas where the highest proportions of homeowners are at serious risk of losing their homes. We find huge variation across the country, with the greatest number of hotspots clustering around the North West and the North East, and a couple of stand out areas in the south, including Barking and Dagenham, Lewisham and Thurrock.

Click here to explore the interactive map of hotspots from Shelter.

Of the top ten hotspots nationally, five are in the north west. What does this tell us? Firstly, the cluster of repossession risk hotspots in the north reflects economic conditions, to some extent. Home repossessions are often triggered by job loss or other loss of income, and our analysis shows that unemployment is higher, and has risen faster, in the areas where risk of repossession is highest.

More recently this has been exacerbated by the ongoing squeeze on household finances. Housing costs take up a large chunk of most people’s take-home home pay. We know that many families have made huge sacrifices – including cutting back on food and fuel – to keep up their mortgage payments. But ultimately if your pay isn’t rising and the cost of everything else is, it’s difficult to keep budgets on track.

The high cost of housing affects all of us. While prices might be most out of control in London, Shelter’s research clearly shows that the northern market is dysfunctional too, with worryingly high numbers of households falling behind on their mortgages and facing the threat of repossession.

Source: Guardian.co.uk

UK residential property values have seen the first monthly rise since three months ago.

A new report by mortgage lender Nationwide found that UK property valuations showed a modest increase of 0.3% in May compared with previous months, after April’s figures recorded a 0.3% fall.

The low volume of residential properties up for sale is sustaining the price increase, according to the mortgage lender.

UK property valuations are still 0.7% lower than they were this time in 2011, meaning the average asking price is £166,022.

This reduction is smaller than the 0.9% year-on-year drop recorded in March and April, said the Nationwide.

Robert Gardner, chief economist at Nationwide said “Demand for homes remains subdued on the back of weak labour market conditions, but the lack of homes coming on the market is providing support for prices. This is in part a reflection of the low rate of building in recent years which has failed to keep pace with household formation”.

The mortgage lender’s findings also showed that consumer demand for residential property outweighs the supply due to rising rent costs as a result of people staying in rented accommodation in the PRS because they are unable to raise the deposit or secure a mortgage to purchase a home of their own.

Property Valuations In UK on the Increase

UK Residential Property Values Increase Across the UK

According to Nationwide 9 out of 13 regions in the UK recorded residential property price rises in 2011, with London the best-performing region (+5.4%) and Northern Ireland the worst-performing region (-8.9%).

Property prices in Scotland are down 0.8% on the year, having remained steady in the final quarter of 2011, in Wales prices ended 2011 up 1.5% despite having lost 0.9% in the final three months.

For the UK as a whole, the typical value of home stood at £164,785 in December, following a 0.3% increase during Q4 which helped produce an annual price rise of 1.1%.

However, at 5.2, the average house price to earnings ratio remains above the long-term average of around four, although down from a peak of 6.4 in 2007.

Due to continued property price falls, Northern Ireland is now the cheapest UK region in terms of average prices, and also the most affordable relative to average earnings.

The North remains the most affordable English region, while annual price growth of 5.4% has consolidated London’s position as the least affordable region, with a house price to earnings ratio of 7.4.

In 2012 the market is likely to be dominated by fears over rising unemployment, the squeeze on household incomes and the Eurozone finance crisis.

Forecasts for 2012 are for property values to remain stagnant at best.

Shortage of suitable property supply should continue to underpin the market, although Halifax recently reported that there were only 187,000 First-Time Buyers (FTB’s) in 2011 – the lowest annual total since the lenders’ records began in 1974.

Property surveyors are now able to utilise the latest technological breakthrough in a bid to avoid over valuation claims – Instant Automatic Valuation Checking will allow surveyors to provide a clear and concise property valuation.

The move toward the new technology comes after an increase in legal claims being made against surveyors, with plantiff’s alleging properties were over-valued.

 Surveyor’s professional indemnity insurance premiums have continued to increase due to a rise in negligence claims.

Surveyors are now able to provide a full audit trail of completed valuations, providing inspection evidence and allowing 3rd party access to the information used to calculate the valuation.

AuditSure is a new system that runs instant checks, comparing the surveyor’s valuation with data from the HM Land Registry, The Calnea AVM and previous valuation reports.

 Alerts are issued if there are any valuation discrepancies.

 The new system gives reassurance to clients and insurers that valuation data is trustworthy and illustrates that surveyors are giving a good account of working practices.

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There Will Never Be A Better Time To Invest In Property

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